New Builds

New Build Property Purchase Overview

1. Reserve your chosen plot and pay the builders’ required reservation fee
2. Instruct a solicitor to act for you in the purchase
3. The Solicitor will check the contract papers.  This is often a faster process for new build properties, as the builders’ solicitors will be organised to send everything out as soon as buyers are found.
4. Apply for, and secure, a mortgage offer
5. Exchange contracts.  This commits you to buying the lot when it is completed.
6. Complete the purchase, collect your keys and move in to your new home.

It is important to act quickly once you you have an offer accepted on a new build property.  This means instructing a conveyancing solicitor and securing your mortgage offer, as soon as possible.  The process of conveyancing includes deadlines, which whilst sometimes possible to extend, are important to keep to avoid any potential financial penalty – or risk losing your new build home and reservation fee.

New Build Home Conveyancing Process

The conveyancing process for new build homes can be more complex than other transactions due to planning permissions, new build warranties, service easements and various other issues your new build solicitor will need to check.  Despite this, because the process is usually more organised than other transactions, it can less time than if you purchase an older build property.

Fixed completion dates are not given for most new build properties, and completion is geared toward when the building work is finished.  The seller will confirm when the property is ready to complete and you will then usually have two weeks in which to inspect it, agree to any ‘snagging’ list, and then complete the process.

New build properties whilst often completing the conveyancing process in less time than older properties due to the level of organisation and readiness of the seller can have delays in other areas.  As the property you will be purchasing is likely not yet fully built, the build time itself can impact completion.  This is because it is dependent on the supply chain of materials, as well as the weather.  It’s important, because of this, to ensure that any mortgage offer will not expire before your new build home is fully built.

Purchasing your new build home can be a daunting prospect, especially if it is your first home.  Our conveyancing solicitors in Rotherham will guide you smoothly through the process and eliminate any anxieties or worries you may have.  Feel free to contact us and we can provide you with a free quote to instruct our conveyancing solicitors.

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